Methods and systems for measuring comparative data

ABSTRACT

Methods and corresponding system are provided herewith that, in at least one embodiment, include the act or acts of determining a first instance in which a first request is received by an exchange; determining a second instance in which a second request is received by the exchange, in which the second request defines a request to cancel the first request; determining a third instance in which a third request is received by the exchange, in which the third request corresponds to the first request; calculating a first difference between the second instance and the third instances; storing the first difference to a data storage, in which the data storage comprises a plurality of differences; and analyzing the plurality of differences to generate comparative information.

BRIEF DESCRIPTION OF THE FIGURES

FIG. 1 illustrates a system according to at least one embodiment of thesystems disclosed herein;

FIG. 2 illustrates one embodiment of a trading system, in which arequest to cancel is received before an offer request; and

FIG. 3 illustrates one embodiment of a trading system, in which arequest to cancel is received after an offer request.

DETAILED DESCRIPTION

The following sections I-X provide a guide to interpreting the presentapplication.

I. Terms

The term “product” means any machine, manufacture and/or composition ofmatter, unless expressly specified otherwise.

The term “process” means any process, algorithm, method or the like,unless expressly specified otherwise.

Each process (whether called a method, algorithm or otherwise)inherently includes one or more steps, and therefore all references to a“step” or “steps” of a process have an inherent antecedent basis in themere recitation of the term ‘process’ or a like term. Accordingly, anyreference in a claim to a ‘step’ or ‘steps’ of a process has sufficientantecedent basis.

The term “invention” and the like mean “the one or more inventionsdisclosed in this application”, unless expressly specified otherwise.

The terms “an embodiment”, “embodiment”, “embodiments”, “theembodiment”, “the embodiments”, “one or more embodiments”, “someembodiments”, “certain embodiments”, “one embodiment”, “anotherembodiment” and the like mean “one or more (but not all) embodiments ofthe disclosed invention(s)”, unless expressly specified otherwise.

The term “variation” of an invention means an embodiment of theinvention, unless expressly specified otherwise.

A reference to “another embodiment” in describing an embodiment does notimply that the referenced embodiment is mutually exclusive with anotherembodiment (e.g., an embodiment described before the referencedembodiment), unless expressly specified otherwise.

The terms “including”, “comprising” and variations thereof mean“including but not limited to”, unless expressly specified otherwise.

The terms “a”, “an” and “the” mean “one or more”, unless expresslyspecified otherwise.

The term “plurality” means “two or more”, unless expressly specifiedotherwise.

The term “herein” means “in the present application, including anythingwhich may be incorporated by reference”, unless expressly specifiedotherwise.

The phrase “at least one of”, when such phrase modifies a plurality ofthings (such as an enumerated list of things) means any combination ofone or more of those things, unless expressly specified otherwise. Forexample, the phrase “at least one of a widget, a car and a wheel” meanseither (i) a widget, (ii) a car, (iii) a wheel, (iv) a widget and a car,(v) a widget and a wheel, (vi) a car and a wheel, or (vii) a widget, acar and a wheel. The phrase “at least one of”, when such phrase modifiesa plurality of things does not mean “one of each of” the plurality ofthings.

Numerical terms such as “one”, “two”, etc. when used as cardinal numbersto indicate quantity of something (e.g., one widget, two widgets), meanthe quantity indicated by that numerical term, but do not mean at leastthe quantity indicated by that numerical term. For example, the phrase“one widget” does not mean “at least one widget”, and therefore thephrase “one widget” does not cover, e.g., two widgets.

The phrase “based on” does not mean “based only on”, unless expresslyspecified otherwise. In other words, the phrase “based on” describesboth “based only on” and “based at least on”. The phrase “based at leaston” is equivalent to the phrase “based at least in part on”.

The term “represent” and like terms are not exclusive, unless expresslyspecified otherwise. For example, the term “represents” do not mean“represents only”, unless expressly specified otherwise. In other words,the phrase “the data represents a credit card number” describes both“the data represents only a credit card number” and “the data representsa credit card number and the data also represents something else”.

The term “whereby” is used herein only to precede a clause or other setof words that express only the intended result, objective or consequenceof something that is previously and explicitly recited. Thus, when theterm “whereby” is used in a claim, the clause or other words that theterm “whereby” modifies do not establish specific further limitations ofthe claim or otherwise restricts the meaning or scope of the claim.

The term “e.g.” and like terms mean “for example”, and thus does notlimit the term or phrase it explains. For example, in the sentence “thecomputer sends data (e.g., instructions, a data structure) over theInternet”, the term “e.g.” explains that “instructions” are an exampleof “data” that the computer may send over the Internet, and alsoexplains that “a data structure” is an example of “data” that thecomputer may send over the Internet. However, both “instructions” and “adata structure” are merely examples of “data”, and other things besides“instructions” and “a data structure” can be “data”.

The term “respective” and like terms mean “taken individually”. Thus iftwo or more things have “respective” characteristics, then each suchthing has its own characteristic, and these characteristics can bedifferent from each other but need not be. For example, the phrase “eachof two machines has a respective function” means that the first suchmachine has a function and the second such machine has a function aswell. The function of the first machine may or may not be the same asthe function of the second machine.

The term “i.e.” and like terms mean “that is”, and thus limits the termor phrase it explains. For example, in the sentence “the computer sendsdata (i.e., instructions) over the Internet”, the term “i.e.” explainsthat “instructions” are the “data” that the computer sends over theInternet.

Any given numerical range shall include whole and fractions of numberswithin the range. For example, the range “1 to 10” shall be interpretedto specifically include whole numbers between 1 and 10 (e.g., 1, 2, 3,4, . . . 9) and non-whole numbers (e.g., 1.1, 1.2, . . . 1.9).

Where two or more terms or phrases are synonymous (e.g., because of anexplicit statement that the terms or phrases are synonymous), instancesof one such term/phrase does not mean instances of another suchterm/phrase must have a different meaning. For example, where astatement renders the meaning of “including” to be synonymous with“including but not limited to”, the mere usage of the phrase “includingbut not limited to” does not mean that the term “including” meanssomething other than “including but not limited to”.

II. Determining

The term “determining” and grammatical variants thereof (e.g., todetermine a price, determining a value, determine an object which meetsa certain criterion) is used in an extremely broad sense. The term“determining” encompasses a wide variety of actions and therefore“determining” can include calculating, computing, processing, deriving,investigating, looking up (e.g., looking up in a table, a database oranother data structure), ascertaining and the like. Also, “determining”can include receiving (e.g., receiving information), accessing (e.g.,accessing data in a memory) and the like. Also, “determining” caninclude resolving, selecting, choosing, establishing, and the like.

The term “determining” does not imply certainty or absolute precision,and therefore “determining” can include estimating, extrapolating,predicting, guessing and the like.

The term “determining” does not imply that mathematical processing mustbe performed, and does not imply that numerical methods must be used,and does not imply that an algorithm or process is used.

The term “determining” does not imply that any particular device must beused. For example, a computer need not necessarily perform thedetermining.

III. Forms of Sentences

Where a limitation of a first claim would cover one of a feature as wellas more than one of a feature (e.g., a limitation such as “at least onewidget” covers one widget as well as more than one widget), and where ina second claim that depends on the first claim, the second claim uses adefinite article “the” to refer to the limitation (e.g., “the widget”),this does not imply that the first claim covers only one of the feature,and this does not imply that the second claim covers only one of thefeature (e.g., “the widget” can cover both one widget and more than onewidget).

When an ordinal number (such as “first”, “second”, “third” and so on) isused as an adjective before a term, that ordinal number is used (unlessexpressly specified otherwise) merely to indicate a particular feature,such as to distinguish that particular feature from another feature thatis described by the same term or by a similar term. For example, a“first widget” may be so named merely to distinguish it from, e.g., a“second widget”. Thus, the mere usage of the ordinal numbers “first” and“second” before the term “widget” does not indicate any otherrelationship between the two widgets, and likewise does not indicate anyother characteristics of either or both widgets. For example, the mereusage of the ordinal numbers “first” and “second” before the term“widget” (1) does not indicate that either widget comes before or afterany other in order or location; (2) does not indicate that either widgetoccurs or acts before or after any other in time; and (3) does notindicate that either widget ranks above or below any other, as inimportance or quality. In addition, the mere usage of ordinal numbersdoes not define a numerical limit to the features identified with theordinal numbers. For example, the mere usage of the ordinal numbers“first” and “second” before the term “widget” does not indicate thatthere must be no more than two widgets.

When a single device, article or other product is described herein, morethan one device/article (whether or not they cooperate) mayalternatively be used in place of the single device/article that isdescribed. Accordingly, the functionality that is described as beingpossessed by a device may alternatively be possessed by more than onedevice/article (whether or not they cooperate).

Similarly, where more than one device, article or other product isdescribed herein (whether or not they cooperate), a singledevice/article may alternatively be used in place of the more than onedevice or article that is described. For example, a plurality ofcomputer-based devices may be substituted with a single computer-baseddevice. Accordingly, the various functionality that is described asbeing possessed by more than one device or article may alternatively bepossessed by a single device/article.

The functionality and/or the features of a single device that isdescribed may be alternatively embodied by one or more other deviceswhich are described but are not explicitly described as having suchfunctionality/features. Thus, other embodiments need not include thedescribed device itself, but rather can include the one or more otherdevices which would, in those other embodiments, have suchfunctionality/features.

IV. Disclosed Examples and Terminology are not Limiting

Neither the Title (set forth at the beginning of the first page of thepresent application) nor the Abstract (set forth at the end of thepresent application) is to be taken as limiting in any way as the scopeof the disclosed invention(s). An Abstract has been included in thisapplication merely because an Abstract of not more than 150 words isrequired under 37 C.F.R. §1.72(b).

The title of the present application and headings of sections providedin the present application are for convenience only, and are not to betaken as limiting the disclosure in any way.

Numerous embodiments are described in the present application, and arepresented for illustrative purposes only. The described embodiments arenot, and are not intended to be, limiting in any sense. The presentlydisclosed invention(s) are widely applicable to numerous embodiments, asis readily apparent from the disclosure. One of ordinary skill in theart will recognize that the disclosed invention(s) may be practiced withvarious modifications and alterations, such as structural, logical,software, and electrical modifications. Although particular features ofthe disclosed invention(s) may be described with reference to one ormore particular embodiments and/or drawings, it should be understoodthat such features are not limited to usage in the one or moreparticular embodiments or drawings with reference to which they aredescribed, unless expressly specified otherwise.

No embodiment of method steps or product elements described in thepresent application constitutes the invention claimed herein, or isessential to the invention claimed herein, or is coextensive with theinvention claimed herein, except where it is either expressly stated tobe so in this specification or expressly recited in a claim.

The preambles of the claims that follow recite purposes, benefits andpossible uses of the claimed invention only and do not limit the claimedinvention.

The present disclosure is not a literal description of all embodimentsof the invention(s). Also, the present disclosure is not a listing offeatures of the invention(s) which must be present in all embodiments.

Devices that are described as in communication with each other need notbe in continuous communication with each other, unless expresslyspecified otherwise. On the contrary, such devices need only transmit toeach other as necessary or desirable, and may actually refrain fromexchanging data most of the time. For example, a machine incommunication with another machine via the Internet may not transmitdata to the other machine for long period of time (e.g. weeks at atime). In addition, devices that are in communication with each othermay communicate directly or indirectly through one or moreintermediaries.

A description of an embodiment with several components or features doesnot imply that all or even any of such components/features are required.On the contrary, a variety of optional components are described toillustrate the wide variety of possible embodiments of the presentinvention(s). Unless otherwise specified explicitly, nocomponent/feature is essential or required.

Although process steps, algorithms or the like may be described orclaimed in a particular sequential order, such processes may beconfigured to work in different orders. In other words, any sequence ororder of steps that may be explicitly described or claimed does notnecessarily indicate a requirement that the steps be performed in thatorder. The steps of processes described herein may be performed in anyorder possible. Further, some steps may be performed simultaneouslydespite being described or implied as occurring non-simultaneously(e.g., because one step is described after the other step). Moreover,the illustration of a process by its depiction in a drawing does notimply that the illustrated process is exclusive of other variations andmodifications thereto, does not imply that the illustrated process orany of its steps are necessary to the invention(s), and does not implythat the illustrated process is preferred.

Although a process may be described as including a plurality of steps,that does not imply that all or any of the steps are preferred,essential or required. Various other embodiments within the scope of thedescribed invention(s) include other processes that omit some or all ofthe described steps. Unless otherwise specified explicitly, no step isessential or required.

Although a process may be described singly or without reference to otherproducts or methods, in an embodiment the process may interact withother products or methods. For example, such interaction may includelinking one business model to another business model. Such interactionmay be provided to enhance the flexibility or desirability of theprocess.

Although a product may be described as including a plurality ofcomponents, aspects, qualities, characteristics and/or features, thatdoes not indicate that any or all of the plurality are preferred,essential or required. Various other embodiments within the scope of thedescribed invention(s) include other products that omit some or all ofthe described plurality.

An enumerated list of items (which may or may not be numbered) does notimply that any or all of the items are mutually exclusive, unlessexpressly specified otherwise. Likewise, an enumerated list of items(which may or may not be numbered) does not imply that any or all of theitems are comprehensive of any category, unless expressly specifiedotherwise. For example, the enumerated list “a computer, a laptop, aPDA” does not imply that any or all of the three items of that list aremutually exclusive and does not imply that any or all of the three itemsof that list are comprehensive of any category.

An enumerated list of items (which may or may not be numbered) does notimply that any or all of the items are equivalent to each other orreadily substituted for each other.

All embodiments are illustrative, and do not imply that the invention orany embodiments were made or performed, as the case may be.

V. Computing

It will be readily apparent to one of ordinary skill in the art that thevarious processes described herein may be implemented by, e.g.,appropriately programmed general purpose computers, special purposecomputers and computing devices. Typically a processor (e.g., one ormore microprocessors, one or more microcontrollers, one or more digitalsignal processors) will receive instructions (e.g., from a memory orlike device), and execute those instructions, thereby performing one ormore processes defined by those instructions. Instructions may beembodied in, e.g., a computer program.

A “processor” means one or more microprocessors, central processingunits (CPUs), computing devices, microcontrollers, digital signalprocessors, or like devices or any combination thereof

Thus a description of a process is likewise a description of anapparatus for performing the process. The apparatus that performs theprocess can include, e.g., a processor and those input devices andoutput devices that are appropriate to perform the process.

Further, programs that implement such methods (as well as other types ofdata) may be stored and transmitted using a variety of media (e.g.,computer readable media) in a number of manners. In some embodiments,hard-wired circuitry or custom hardware may be used in place of, or incombination with, some or all of the software instructions that canimplement the processes of various embodiments. Thus, variouscombinations of hardware and software may be used instead of softwareonly.

The term “computer-readable medium” refers to any medium, a plurality ofthe same, or a combination of different media, that participate inproviding data (e.g., instructions, data structures) which may be readby a computer, a processor or a like device. Such a medium may take manyforms, including but not limited to, non-volatile media, volatile media,and transmission media. Non-volatile media include, for example, opticalor magnetic disks and other persistent memory. Volatile media includedynamic random access memory (DRAM), which typically constitutes themain memory. Transmission media include coaxial cables, copper wire andfiber optics, including the wires that comprise a system bus coupled tothe processor. Transmission media may include or convey acoustic waves,light waves and electromagnetic emissions, such as those generatedduring radio frequency (RF) and infrared (IR) data communications.Common forms of computer-readable media include, for example, a floppydisk, a flexible disk, hard disk, magnetic tape, any other magneticmedium, a CD-ROM, DVD, any other optical medium, punch cards, papertape, any other physical medium with patterns of holes, a RAM, a PROM,an EPROM, a FLASH-EEPROM, any other memory chip or cartridge, a carrierwave as described hereinafter, or any other medium from which a computercan read.

Various forms of computer readable media may be involved in carryingdata (e.g. sequences of instructions) to a processor. For example, datamay be (i) delivered from RAM to a processor; (ii) carried over awireless transmission medium; (iii) formatted and/or transmittedaccording to numerous formats, standards or protocols, such as Ethernet(or IEEE 802.3), SAP, ATP, Bluetooth™, and TCP/IP, TDMA, CDMA, and 3G;and/or (iv) encrypted to ensure privacy or prevent fraud in any of avariety of ways well known in the art.

Thus a description of a process is likewise a description of acomputer-readable medium storing a program for performing the process.The computer-readable medium can store (in any appropriate format) thoseprogram elements which are appropriate to perform the method.

Just as the description of various steps in a process does not indicatethat all the described steps are required, embodiments of an apparatusinclude a computer/computing device operable to perform some (but notnecessarily all) of the described process.

Likewise, just as the description of various steps in a process does notindicate that all the described steps are required, embodiments of acomputer-readable medium storing a program or data structure include acomputer-readable medium storing a program that, when executed, cancause a processor to perform some (but not necessarily all) of thedescribed process.

Where databases are described, it will be understood by one of ordinaryskill in the art that (i) alternative database structures to thosedescribed may be readily employed, and (ii) other memory structuresbesides databases may be readily employed. Any illustrations ordescriptions of any sample databases presented herein are illustrativearrangements for stored representations of information. Any number ofother arrangements may be employed besides those suggested by, e.g.,tables illustrated in drawings or elsewhere. Similarly, any illustratedentries of the databases represent exemplary information only; one ofordinary skill in the art will understand that the number and content ofthe entries can be different from those described herein. Further,despite any depiction of the databases as tables, other formats(including relational databases, object-based models and/or distributeddatabases) could be used to store and manipulate the data typesdescribed herein. Likewise, object methods or behaviors of a databasecan be used to implement various processes, such as the describedherein. In addition, the databases may, in a known manner, be storedlocally or remotely from a device which accesses data in such adatabase.

Various embodiments can be configured to work in a network environmentincluding a computer that is in communication (e.g., via acommunications network) with one or more devices. The computer maycommunicate with the devices directly or indirectly, via any wired orwireless medium (e.g. the Internet, LAN, WAN or Ethernet, Token Ring, atelephone line, a cable line, a radio channel, an optical communicationsline, commercial on-line service providers, bulletin board systems, asatellite communications link, a combination of any of the above). Eachof the devices may themselves comprise computers or other computingdevices, such as those based on the Intel® Pentium® or Centrino™processor, that are adapted to communicate with the computer. Any numberand type of devices may be in communication with the computer.

In an embodiment, a server computer or centralized authority may not benecessary or desirable. For example, the present invention may, in anembodiment, be practiced on one or more devices without a centralauthority. In such an embodiment, any functions described herein asperformed by the server computer or data described as stored on theserver computer may instead be performed by or stored on one or moresuch devices.

Where a process is described, in an embodiment the process may operatewithout any user intervention. In another embodiment, the processincludes some human intervention (e.g., a step is performed by or withthe assistance of a human).

VI. Continuing Applications

The present disclosure provides, to one of ordinary skill in the art, anenabling description of several embodiments and/or inventions. Some ofthese embodiments and/or inventions may not be claimed in the presentapplication, but may nevertheless be claimed in one or more continuingapplications that claim the benefit of priority of the presentapplication.

Applicants intend to file additional applications to pursue patents forsubject matter that has been disclosed and enabled but not claimed inthe present application.

VII. 35 U.S.C. §112 Paragraph 6

In a claim, a limitation of the claim which includes the phrase “meansfor” or the phrase “step for” means that 35 U.S.C. §112, paragraph 6,applies to that limitation.

In a claim, a limitation of the claim which does not include the phrase“means for” or the phrase “step for” means that 35 U.S.C. §112,paragraph 6 does not apply to that limitation, regardless of whetherthat limitation recites a function without recitation of structure,material or acts for performing that function. For example, in a claim,the mere use of the phrase “step of” or the phrase “steps of” inreferring to one or more steps of the claim or of another claim does notmean that 35 U.S.C. §112, paragraph 6, applies to that step(s).

With respect to a means or a step for performing a specified function inaccordance with 35 U.S.C. §112, paragraph 6, the correspondingstructure, material or acts described in the specification, andequivalents thereof, may perform additional functions as well as thespecified function.

Computers, processors, computing devices and like products arestructures that can perform a wide variety of functions. Such productscan be operable to perform a specified function by executing one or moreprograms, such as a program stored in a memory device of that product orin a memory device which that product accesses. Unless expresslyspecified otherwise, such a program need not be based on any particularalgorithm, such as any particular algorithm that might be disclosed inthe present application. It is well known to one of ordinary skill inthe art that a specified function may be implemented via differentalgorithms, and any of a number of different algorithms would be a meredesign choice for carrying out the specified function.

Therefore, with respect to a means or a step for performing a specifiedfunction in accordance with 35 U.S.C. §112, paragraph 6, structurecorresponding to a specified function includes any product programmed toperform the specified function. Such structure includes programmedproducts which perform the function, regardless of whether such productis programmed with (i) a disclosed algorithm for performing thefunction, (ii) an algorithm that is similar to a disclosed algorithm, or(iii) a different algorithm for performing the function.

Where there is recited a means for performing a function hat is amethod, one structure for performing this method includes a computingdevice (e.g., a general purpose computer) that is programmed and/orconfigured with appropriate hardware to perform that function.

Also includes a computing device (e.g., a general purpose computer) thatis programmed and/or configured with appropriate hardware to performthat function via other algorithms as would be understood by one ofordinary skill in the art.

VIII. Disclaimer

Numerous references to a particular embodiment does not indicate adisclaimer or disavowal of additional, different embodiments, andsimilarly references to the description of embodiments which all includea particular feature does not indicate a disclaimer or disavowal ofembodiments which do not include that particular feature. A cleardisclaimer or disavowal in the present application shall be prefaced bythe phrase “does not include” or by the phrase “cannot perform”.

IX. Incorporation By Reference

Any patent, patent application or other document referred to herein isincorporated by reference into this patent application as part of thepresent disclosure, but only for purposes of written description inaccordance with 35 U.S.C. §112, paragraph 1 and enablement in accordancewith 35 U.S.C. §112, paragraph 1, and should in no way be used to limit,define, or otherwise construe any term of the present application wherethe present application, without such incorporation by reference, wouldnot have failed to provide an ascertainable meaning, but rather wouldhave allowed an ascertainable meaning for such term to be provided.Thus, the person of ordinary skill in the art need not have been in anyway limited by any embodiments provided in the reference.

Any incorporation by reference does not, in and of itself, imply anyendorsement of, ratification of or acquiescence in any statements,opinions, arguments or characterizations contained in any incorporatedpatent, patent application or other document, unless explicitlyspecified otherwise in this patent application.

X. Prosecution History

In interpreting the present application (which includes the claims), oneof ordinary skill in the art shall refer to the prosecution history ofthe present application, but not to the prosecution history of any otherpatent or patent application, regardless of whether there are otherpatent applications that are considered related to the presentapplication, and regardless of whether there are other patentapplications that share a claim of priority with the presentapplication.

XI. Overview of Various Embodiments

Embodiments include systems and methods for measuring and analyzing datainformation associated with a trading activity in order to providecomparative trading information.

Generally, an exchange represents a marketplace in which various typesof securities are traded. These securities may include shares, optionsand/or futures on stocks, bonds, commodities, indices, etc. . . . Someprincipal US stock exchanges include the New York Stock Exchange (NYSE),American Stock Exchange (AMEX), National Association of SecuritiesDealers (NASDAQ), Chicago Mercantile Exchange (CME) and the CantorFitzgerald Spectrum & Tower Exchange.

In any given day, an exchange receives a plurality of requests fromthird-party entities. In some embodiments, these third-party entitiesare individuals or corporate entities that buy and sell securities fortheir own accounts. In other embodiments, the third-party entities arebrokers or dealers who purchase and sell securities on behalf of aclient. For the sake of convenience, all of the third party-entitiesmentioned above will be referred, henceforth, as “traders.” It should beapparent that the term “trader” is meant to broadly apply to any user ofa trading system, whether that user is an agent acting on behalf ofitself, a principal, an individual, a legal entity (e.g., acorporation), etc., or any machine or mechanism that is capable ofplacing and/or responding to orders in a trading system.

In some embodiments, the trader uses a traditional voice-tradingprocess. In other embodiments, the trader uses an electronic tradingprocess, which conducts trading activities through a computer via anautomated order entry and matching system. In such situations, thetrader does not make the day-to-day decisions to place requests on anexchange; instead, an automated software program (comprising variousalgorithms and models) governs these day-to-day decisions. A tradingalgorithm represents a complex set of formulas and strategies used by anautomated trading agent. The trading algorithm may be adjusted for anynumber of variables, including a trader's risk quotient, i.e. herwillingness to take risks. For example, a trader may wish to adjust histrading algorithm to accommodate a low or high tolerance for risk. Thus,it is desirable for a trader to benchmark the performance of theautomated programs, since this allows a trader to adjust the tradingalgorithms in a manner that, for example, improves the overallperformance, increase profit margins, and increases or decreases risktolerance.

Previously, a trader had limited means for measuring the rate of successfor canceling a previously submitted request. Typically, this rate ofsuccess is measured by a percentage, specifically a percentage ofsuccessful cancellations for a period of time. For example, a trader maydetermine that during a particular period of time he submitted 400requests to cancel, of which 200 were successful. Thus, the traderdeduces that he has a 50% success rate in canceling requests to sell. Ifthe trader is unhappy with these results, he may adjust his tradingalgorithms in order to increase the rate of success. Percentages,however, provide limited information, thus it would be advantageous fora trader to know specific details surrounding his attempts to cancelrequests, such as the window of time, the quantity and type of entitiesattempting to bid on the submitted request.

a. Various Types of Requests

A trader may submit any number of financial commands to the exchange.These financial commands may include the submission of a bid (or arequest to purchase securities) and/or an offer (or a request to sellsecurities). Depending on the circumstances, a trader may place a bid onthe exchange as either a “passive bid” or an “active bid”. A passive bidis a request to purchase securities, in which the bid remains on theexchange until it is matched with a corresponding offer. If no suchmatch is made after a certain period of time, then the passive bid iscancelled either by the exchange or the originator of the request. Onthe other hand, an active bid is a request to purchase securities, inwhich the bid is matched against all offers that are available on theexchange at the instance of time, in which the bid was generated.Typically, an active bid is submitted in response to an active offer(which is detailed below) that was previously placed on the exchange.

Similarly, a trader also may place an offer on the exchange as either a“passive offer” or an “active offer”. A passive offer is a request tosell securities, in which the offer remains on the exchange until it ismatched with a corresponding bid. If no such match is made after acertain period of time, then the passive offer is cancelled either bythe exchange or the originator of the request. An active offer is arequest to sell securities, in which the offer is matched against allbids that are available on the exchange at the instance of time, inwhich the offer was generated. Similar to an active bid (describedabove), an active offer is generally submitted in response to an activebid that was previously placed on the exchange.

Some additional financial commands that may be transacted on theexchange may include a “request to cancel” a previously submitted bid oroffer and a “request to modify” a previously submitted bid or offer. A“request to cancel” command seeks to cancel or remove a previouslysubmitted request from the exchange. In a similar vein, “request tomodify” seeks to modify one or more elements of a previously submittedrequest, such as the price or quantity of shares sold or purchased.However, if the exchange already has matched the previously submittedrequest with a corresponding request (e.g., a bid with an offer), thenneither the “request to cancel” nor the “request to modify” may removeor modify, respectively, the previously submitted request.

Another financial command is a “request to hold” command, in which anyactive requests to buy or sell that are not immediately processed by theexchange are converted into passive requests. Specifically, the systemwould wait a period of time after receiving an active request. Thisperiod of time may have been determined in advance by the trader, thesystem, or another source. If no corresponding request is submittedbefore the period of time expires, then the system automaticallyconverts the request from an active status to a passive status.

Still another transaction may be a “request to wait-and-see”, in whichthe exchange locates a potential match for a request, but does not makean immediate match. Instead, the exchange waits for a pre-determinedperiod of time to elapse, after which the exchange determines whetheranother match (better than the previously determined match) isavailable. If such better match is available, then this new bid or offerwill trump the previous match. The parameters in determining what makesa new bid (or offer) “better” than a previously matched bid (or offer)are pre-determined by the trader. These parameters may include anynumber of factors, such as a higher price, a larger quantity of sale,etc. . . .

Any of the above-described financial commands may be coupled with aninstruction, which instructs the exchange to execute a specific functionin conjunction with a financial transaction. For example, an activerequest to buy or sell may be coupled with a “fill-or-kill” instruction,in which the exchange must cancel a submitted request, unless suchrequest is traded in its entirety. On the other hand, a “fill-and-kill”instruction requires that the exchange cancel the remainder of a requestupon the partial execution of that request. Another instruction may bean “only-at-best” instruction, in which the exchange only executes therequest at the best price on the market, or otherwise the exchangecancels the request.

b. System Hardware

Referring to FIG. 1, a system 100, according to at least one embodimentof the systems disclosed herein, includes at least one computing device,such as a remote computer 102 (e.g., a server computer), a clientcomputer 104, or a combination thereof The term remote in this contextmerely means that the remote computer 102 and at least one of the clientcomputers 104 are separate devices. Thus, the devices may be remote evenif they are located within the same room. In at least one embodiment,the system includes at least one remote computer 102 that is connectedover a communication network 106 to one or a plurality of clientcomputers 104. One or more of the client computers 104 may be connectedto the remote computer 102 through a firewall. In another embodiment, atleast one remote computer 102 is connected over a communication network106 to at least one other remote computer 108.

The system 100 may be implemented over any type of communicationsnetwork 106, such as a local area network (LAN), a wide area network(WAN), the Internet, a telephone network (POTS), a wireless network,including cellular, WiFi, and WiMax networks, or a combination of wiredand/or wireless networks. In certain instances, the communicationsnetwork 106 may be independent of the Internet or limited with respectto the type of the information transmitted over the Internet, such as toinformation that poses little or no security risk if misappropriated orthat has been encrypted.

In the networked embodiment, client computers 104 are preferablyconfigured or otherwise capable of transmitting and/or receivingcommunications to and/or from the remote computer(s) 102, 108. Theremote computers 102, 108 may similarly be configured or otherwisecapable of transmitting and/or receiving communications betweenthemselves. This may be accomplished with a communication element, suchas a modem, an Ethernet interface, a transmitter/receiver, etc., thatenables communication with a similarly equipped remote computer 102,108wirelessly, wired, or a combination thereof. It is understood that therelative functionality described herein may be provided by the remotecomputers 102, 108, by the client computers 104, or both, and is thusnot limited to any particular one of the implementations discussedherein. In at least one embodiment, the client computers 104 willgenerally provide the front-end functionality and the remote computer102, 108 will provide the back-end functionality.

Although various embodiments may be described herein in relationfinancial instruments, it is understood that the methods and systemsdisclosed herein are equally applicable to non-financial instrumentassets, such as commodities, money (in one or more currencies), goods,etc., and is thus not limited thereto. The term “financial instrument”denotes any instrument, issued by a corporation, government, or anyother entity, that evinces dept or equity, and any derivative thereof,including equities, stocks, fixed income instruments, bonds, debentures,certificates of interest or deposit, warrants, options, futures,forwards, swaps, or generally any security.

The computing device, e.g., the client computers 104 and/or the remotecomputer 102, 108 generally include at least one processor, and amemory, such as ROM, RAM, FLASH, etc., including computer readablemedium type memory, such as a hard drive, a flash-drive, an optical ormagnetic disk, etc. The memory or computer readable medium preferablyincludes software stored thereon that when executed performs one or moresteps of the methods disclosed herein, including communicating data andcommands back and forth between the computers, displaying interfacescreens, etc. The computers may also be associated with or have accessto one or more databases 110, 112 for retrieving and/or storing thevarious types of data discussed herein, including identity verificationdata, such as an ID and password, biometric data, etc.

The client computers 104 may include, without limitation, a mobilephone, PDA, pocket PC, personal computer, as well as any special orother general purpose computing device. As such, the client computer 104preferably includes a processor, a memory, a display, such as a CRT oran LCD monitor, for displaying information and/or graphics associatedwith the functionality provided by the system 100, and at least oneinput device, such as a mouse, a touch-sensitive pad, a pointer, astylus, a trackball, a button or a plurality of buttons, e.g.,alphanumeric, a scroll wheel, a touch-sensitive monitor, etc., or acombination thereof, for users to enter commands and/or informationrelevant to the system's functionality. With the general purpose type ofclient computer 104, such as the PC or PDA, users may access thefunctionality provided by the system 100 with a browser application orany other generic application, or with special purpose software designedspecifically for accessing the functionality disclosed herein.

In at least one embodiment, the client computer 104 includes or isotherwise associated with at least one biometric sensor 114. Thebiometric sensor 114 is any device that is used to determine directlyfrom the user at least one item of biometric data associated with auser, such as a fingerprint reader, an iris scanner, a retinal scanner,a vascular pattern reader, a facial recognition camera, etc. Thebiometric sensor 114 may be embodied in hardware, software, or acombination thereof. The biometric sensor 114 may further shareresources with other components of the client computer 104, such as theprocessor, memory, a camera, a microphone, a speaker, etc. A singlebiometric sensor 114 may be used for reading more than one type ofbiometric data. For example, a digital camera may be used to obtain animage of the user's eye for iris scanning and an image of the user'sface for facial recognition. In this instance, a single image capture ofthe user's face may provide the data for facial recognition as well asdata for iris or retinal comparisons.

The biometric data is generally obtained with the biometric sensor 114and used at least to authenticate the identity of the user as a gatewayfor allowing the user to access the system's functionality. In thisregard, biometric data may be compared with previously obtained/storedbiometric data that has preferably been verified as being associatedwith a particular user and access to the system's functionality may beprovided based on a positive match thereof.

c. Methods and Systems

According to at least one embodiment of the methods disclosed herein,the method begins with the system 100 receiving login information. Thelogin information may be any information for use in authenticating auser and providing thereto one or more of the functions disclosedherein. The login information may be, for example, a user ID, password,biometric data, etc. The login information may be submitted by a userwith a user interface screen that includes therein at least one formelement, such as an input field or text box, a drop down list, checkbox, radio buttons, action buttons, clickable images, etc., for enteringlogin data. Following submission, the login information may be comparedwith previously obtained information and access to one or more of thefunctions may be provided based on a positive match.

FIG. 2 depicts some of the above-mentioned terms, such as a bid, anoffer, a request to cancel, etc. . . . , through an illustrated example.Suppose a trader submits a bid request 205 (i.e., a request to sell) fora hundred shares of Acme Corporation stock at $0.05 per share. Theexchange 210 receives bid 205 at a time instance (T1) and assigns atime-stamp 215 representative of time instance (T1) to the bid 205.

In some embodiments, the time-stamps are stored in a database associatedwith the exchange, so that the time-stamps may be retrieved at a latertime. In other embodiments, the exchange transmits a message to theoriginator of the request, in which the message confirms receipt of therequest. These messages from the exchange also may include an indicia ofthe time-stamp associated with the request. The messages may be in theform of an e-mail, a telephone call, an electronic posting on a website,etc. . . .

Now suppose at a later time, the trader decides to cancel his originalbid 205. This decision to cancel may be based on various externalreasons (e.g., changes in market conditions, at a client's behest) orinternal reasons (e.g., intuition about the stock's future, personalreasons). Regardless of his reasons for wanting to cancel, the tradermust react quickly in order to cancel this original bid 205. A failureto react in a timely manner may result in another trader submitting tothe exchange an offer 220 in response to the bid 205, therebypotentially causing the exchange to make a match between the originalbid 205 and the corresponding offer 220. Once the exchange has matchedthe bid 205 with the offer 220, the first trader may not cancel orremove his original bid 205 from the exchange. The short window of timein which a trader may effectively submit a request to cancel 225 may bereferred to as the “cancellation window” 225.

Referring to FIG. 2, the exchange receives the offer request 220 and therequest to cancel 225 at time instances (T2) and (T3), respectively.Likewise, the exchange assigns time-stamps 230 and 235 to time instances(T2) and (T3), respectively. The system then calculates atime-difference between each of the time stamps in order to determinewhether the request to cancel has successful cancelled the previouslysubmitted bid 205. The first time-difference 240 represents thedifference between time intervals (T1, T2), which are associated withreceipt of bid 205 and offer 220 by the exchange. The secondtime-difference 245 represents the difference between time intervals(T1, T3), which are associated with receipt of bid 205 and request tocancel 220 by the exchange. A second time-difference 245 that is greaterthan first time-difference 240 (as illustrated in FIG. 2) indicates thatthe trader did not react quickly enough, and his request to cancel 220failed to remove the previously submitted bid 205 from the exchange.Instead, another trader has superseded the request of cancel 220 byplacing an offer 220, which arrived at the exchange in an earlier timeinstance. Subsequently, the exchange may transmit a message to thetrader, notifying that his attempt to cancel is previous bid 205 wasunsuccessful. Likewise, the exchange may transmit a message to thesecond trader, notifying him that his offer 220 has been matched withthe bid 205.

Referring to FIG. 2, the exchange also may calculate a third-timedifference 250 representing the difference between time intervals (T2,T3), which are associated with the receipt of offer 220 and request tocancel 220 by the exchange. This third-time difference 250 provides anumeric measurement of the trader's failure to cancel. Specifically, thethird-time difference 250 indicates “by how much” time the trader missedhis opportunity to cancel. Moreover, the system may collect, over aperiod of time, the third-time differences 250 for a particular trader,and relay this useful information to the trader at the end of the timeperiod. For example, if a trader notes that he consistently fails tocancel an original bid by 15 milliseconds, then he may use thisinformation to adjust his trading algorithm in order to compensate forthe time deficiency.

Such information may provide useful to a trader in a number of ways. Forexample, the system may indicate to a trader that for the past month,all of his requests to cancel have arrived, on average, 5 millisecondsafter the exchange has formed a match between his previously submittedbid and a corresponding offer. The trader may use this information tomodify his trading algorithm to react in a manner that compensate forthis 5 millisecond lag time. In another example, the system indicates tothe trader that his request to cancel arrived at the exchange a fullminute after a match has been formed. Since requests typically arrive atan exchange within very small increments of time (e.g., milliseconds),this information alerts the trader to a potential problem in itstransmission system. For example, an internet line may be down, thusresulting in a slow transmission time.

In some embodiments, the system may have a pre-determine threshold foracceptable time frame for a request to arrive on the exchange. If arequest arrives at a time-interval that exceeds such pre-determinedthreshold, the system may automatically transmit to the trader a messagethat notifies him of a potential error in transmission. Various uses ofthe information as discussed below.

FIG. 3 illustrates another embodiment in which the request to cancel 220arrives at the exchange at a time instance (T3′) 305 in advance of theoffer 220, which arrives at a time instance (T2′) 310. In thissituation, the first time-difference (T1′, T2′) 315 is greater than thesecond time-difference (T1′, T3′) 320, thus indicating that the requestto cancel 220 has successfully removed the previously submitted 205 fromthe exchange. In FIG. 3, the third-time difference (T2′, T3′) 325provides a numeric measurement of the trader's success in cancelling hisoriginal bid 205. Specifically, the third-time difference 325 indicates“by how much” time the trader succeed in cancelling his previous bid.Similar to the situation described in FIG. 2, the system may collect,over a period of time, the third-time differences 325 for a particulartrader, and relay this useful information to the trader at the end ofthe time period. For example, if a trader may note that he barelysucceeds in cancelling his bids, then he may use this information toadjust his trading algorithm in order to compensate for the timedeficiency.

In some embodiments, the request to buy or sell submitted by a tradermay be for all or a portion of the original request to sell. For examplein the illustrated embodiment, one buyer may submit a request to buy for25 shares, while another buyer may submit a separate request to buy for75 shares. Once the exchange determines a “match” between a request tosell and one or more requests to buy, then a transaction has takenplace, and the original request to sell may no longer be removed fromthe exchange. Thus, the seller must react in a timely manner in order tocancel his original request to sell.

The data measured and collected by the system may be used in a number ofways. In some embodiments, the system measures the

As described above, it is desirable for traders to benchmark theperformance of their automated programs. In some embodiments, the systemmeasures the various time differences (e.g., first, second and thirdtime-differences), and transmits this information (in unanalyzed format)to a recipient.

In other embodiments, the system may collect the time differences over aperiod of time, and then analyze the collected data before conveyingsuch analyzed data to the various recipients. The period of timeencompasses any incremental period of time, such as weeks, months,quarters, or years.

Generally, the recipient may be a trader attempting to cancel a trader,or the recipient may be a trader that submitted a corresponding requestto a request on the exchange. However, the recipient may be any numberof entities. For example, the recipient may be a newcomer to theexchange. She may wish to evaluate the average cancellation times on theexchange in order to adjust her trading models to mirror the standardreaction times. The recipient also may be a representative of the actualtrader(s).

In some embodiments, the traders may provide threshold against which thesystem may compare the collected data. For instance, a trader maydetermine, in advance, a reasonable period of time, say 30 milliseconds,for a request to arrive on an exchange. If the request arrives after thethreshold time (i.e., the time reasonably determined), then the systemautomatically transmits an error message to the trader. Generally, arequest arriving after the pre-determined threshold indicates that thetrader may be experiencing external hardware problems with her tradingsystem. For example, it may be an indication that the internettransmission line is faulty. Conversely, if a threshold has not beenexceeded, then the information helps the trader eliminate externalhardware as a contributing factor. As a result, the trader may focus onmodifying various trading models or algorithms in response to theinformation.

In other embodiments, the threshold provides an indication that acertain level of risk tolerance has been exceeded. For instance, atrader may determine in advance that she wishes to have a cancellationwindow that is no less than 5 milliseconds. If the system determinesthat the cancellation window between the trader's request to cancel andanother trader's request to offer (or bid) is less than 5 milliseconds,then the system may alert the trader on this issue. The trader mayadjust her trading algorithms to correct this issue.

In addition to measuring time differences, the system also may measureand analyze other useful information. In some embodiments, the systemmeasures the quantity of requests submitted in response to a previouslysubmitted request. In other embodiments, the system may categorize eachof the traders into various categories, such as by the size of thetrading firm, specialty areas, etc. . . . , and in return, the systemmay relay such information to the recipient. As discussed above withreference to the time-difference information, the collected informationmay be relayed automatically to the recipient, or it may be analyzed andtransmitted in processed format to the recipient.

Generally, the system expresses all gathered information either in anon-descript manner or after it has been processed, since the systemneeds its information providing goals with the desire to preserve theanonymity of its traders.

d. Additional Embodiments

A method comprising: determining a first instance in which a firstrequest is received by an exchange; determining a second instance inwhich a second request is received by the exchange, in which the secondrequest defines a request to cancel the first request; determining athird instance in which a third request is received by the exchange, inwhich the third request corresponds to the first request; calculating afirst difference between the second instance and the third instances;storing the first difference to a data storage, in which the datastorage comprises a plurality of differences; and analyzing theplurality of differences to generate comparative information.

The method of paragraph [00110] further comprises: transmitting thecomparative information to a recipient.

The method of paragraph [00111], in which the recipient adjusts atrading algorithm in response to the comparative information.

The method of paragraph [00110], in which the first and second requestsare submitted by a trader and the third request is submitted by adifferent trader.

The method of paragraph [00110], in which the first request, the secondrequest and the third request represent a financial command.

The method of paragraph [00114], in which the financial command is atleast one of: a request to sell a security, a request to buy thesecurity, a request to modify the security, a request to cancel thesecurity, a request to wait-and-see, and a request to hold.

The method of paragraph [00115], in which the request to sell thesecurity remains on the exchange until matched with a request to buy thesecurity.

The method of paragraph [00115], in which the request to sell thesecurity is submitted in response to a request to buy the security.

The method of paragraph [00115], in which the request to buy thesecurity remains on the exchange until matched with a request to sellthe security.

The method of paragraph [00115], in which the request to buy thesecurity is submitted in response to a request to sell the security.

The method of paragraph [00110] further comprises the computer systemconfigured to: assign time stamps to the first request, the secondrequest and the third request; and store the time stamps to the datastorage.

The method of paragraph [00110] further comprises: calculating a seconddifference between the first instance and the second instances; andcalculating a third difference between the first instance and the thirdinstance.

The method of paragraph [00121] further comprises: comparing the seconddifference with the third difference; outputting a command to theexchange to remove the first request from the exchange, in which thethird difference is greater than the second difference; and transmittingan indicia that the first request has been cancelled.

The method of paragraph [00121] further comprises: comparing the seconddifference with the third difference; outputting a command to theexchange to match the first request with the third request, in which thesecond difference is greater than the third difference; and transmittingan indicia that the first request has not been cancelled.

The method of paragraph [00121] further comprises: comparing the seconddifference with the third difference; and transmitting an indicia thatthe first request has been cancelled, in which the third difference isgreater than the second time difference.

The method of paragraph [00121] further comprises: comparing the seconddifference with the third difference; and transmitting an indicia thatthe first request has not been cancelled, in which the second differenceis greater than the third difference.

The method of paragraph [00110] further comprises: comparing the firstdifference with a threshold, in which the threshold defines a timeperiod that a trader determines as appropriate for a request to arriveat the exchange; determining that the first difference is greater thanthe threshold; and transmitting an error message to the trader.

The method of paragraph [00126], in which the error message indicates aproblem with transmitting requests to the exchange.

The method of paragraph [00126], in which the error message indicatesthat a risk level deemed unacceptable by the trader has been exceeded.

The method of paragraph [00110], in which the comparative informationcomprises: a second difference comprising a difference between the firstinstance and the second instances; and a third difference comprising adifference between the first instance and the third instance.

A storage medium containing machine instructions readable by a computersystem that comprises a data store to configure the computer system toperform the method of paragraph [00110].

The storage medium of paragraph [00130], further configured to: transmitthe comparative information to a recipient.

The storage medium of paragraph [00131], in which the recipient adjustsa trading algorithm in response to the comparative information.

The storage medium of paragraph [00130], in which the first request, thesecond request and the third request represent a financial command.

The storage medium of paragraph [00133], in which the financial commandis at least one of: a request to sell a security, a request to buy thesecurity, a request to modify the security, a request to cancel thesecurity, a request to wait-and-see, and a request to hold.

The storage medium of paragraph [00130] further configured to: calculatea second difference between the first instance and the second instances;and calculate a third difference between the first instance and thethird instance.

The storage medium of paragraph [00133] further configured to: comparethe second time difference with the third time difference; and transmitan indicia that the first request has been cancelled, in which the thirdtime difference is greater than the second time difference.

The storage medium of paragraph [00133] further configured to: comparethe second time difference with the third time difference; and transmitan indicia that the first request has not been cancelled, in which thesecond time difference is greater than the third time difference.

The storage medium of paragraph [00133], in which the comparativeinformation comprises: a second difference comprising a differencebetween the first instance and the second instances; and a thirddifference comprising a difference between the first instance and thethird instance.

A method comprising: determining a first instance in which a firstrequest is received by an exchange; determining a second instance inwhich a second request is received by the exchange, in which the secondrequest defines a request to cancel the first request; determining athird instance in which a third request is received by the exchange, inwhich the third request is submitted in response to the first request;calculating a first difference between the second instance and the thirdinstance; calculating a second difference between the first instance andthe second instance; calculating a third difference between the firstinstance and the third instance; and comparing the second differencewith the third difference; and transmitting an indicia representing thefirst difference to a recipient, in which the recipient adjusts atrading algorithm in response to the first difference.

The method of paragraph [00139], in which the act of comparing thesecond request with the third request further comprises: outputting acommand to cancel the first request, in which the third difference isgreater than the second difference; and transmitting an indicia that thefirst request has been cancelled.

The method of paragraph [00139] in which the act of comparing the secondrequest with the third request further comprises: outputting a commandto the exchange to match the first request with the third request, inwhich the second difference is greater than the third difference; andtransmitting an indicia that the first request has not been cancelled.

What is claimed:
 1. A method comprising: transmitting, via a processorto a trading system, requests based on at least one trading algorithm,in which the requests include: (i) a bid request or an offer request;and (ii) a request to cancel the bid request or the offer request at alater instance in time; in which the processor and the trading systemare in electronic communication over a network; receiving, via theprocessor, an indication that the request to cancel was unsuccessful andthe bid request or the offer request has been matched; receiving a timeby which the request to cancel was received and a time by which the bidrequest or the offer request was matched; computing a difference betweenthe time by which the request to cancel was received and the time bywhich the bid request or the offer request was matched, in which thedifference comprises a length of time by which the request to cancel wasunsuccessful; and adjusting, via the processor, the at least one tradingalgorithm based at least in part on the computed length of time.
 2. Themethod of claim 1 further comprising: comparing the computed length oftime against a threshold.
 3. The method of claim 2 further comprising:determining that the computed length of time exceeds the threshold time;and transmitting an indication that a transmission error has occurred.4. The method of claim 2 further comprising: determining that thecomputed length of time exceeds the threshold time; and transmitting anadjustment to the at least one trading algorithm.
 5. The method of claim1 further comprising: storing the computed length of time with aplurality of lengths of time, in which each of the plurality of lengthsof time were computed from previous transactions with the tradingsystem.
 6. The method of claim 5 further comprising: computing a trendbased on the computed length of time and the plurality of lengths oftime.
 7. The method of claim 6, in which computing the trend furthercomprising: computing an average of the plurality of the lengths of timeover a period of time; comparing the computed average against athreshold time.
 8. The method of claim 7 further comprising: determiningthat the computed average exceeds the threshold time; and transmittingan indication that a transmission error has occurred.
 9. The method ofclaim 7 further comprising: determining that the computed averageexceeds the threshold time; and transmitting an adjustment to the atleast one trading algorithm.
 10. An apparatus comprising: a processor;and a memory, in which the memory stores instructions which, whenexecuted by the processor, direct the processor to: transmit requestsbased on at least one trading algorithm, in which the requests include:(i) a bid request or an offer request; and (ii) a request to cancel thebid request or the offer request at a later instance in time; receive anindication that the request to cancel was unsuccessful and the bidrequest or the offer request has been matched; receiving a time by whichthe request to cancel was received and a time by which the bid requestor the offer request was matched; computing a difference between thetime by which the request to cancel was received and the time by whichthe bid request or the offer request was matched, in which thedifference comprises a length of time by which the request to cancel wasunsuccessful; and adjust the at least one trading algorithm based atleast in part on the computed length of time.
 11. The apparatus of claim10, in which the memory stores instructions which, when executed by theprocessor, direct the processor to: compare the computed length of timeagainst a threshold.
 12. The apparatus of claim 11, in which the memorystores instructions which, when executed by the processor, direct theprocessor to: determine that the computed length of time exceeds thethreshold time; and transmit an indication that a transmission error hasoccurred.
 13. The apparatus of claim 11, in which the memory storesinstructions which, when executed by the processor, direct the processorto: determine that the computed length of time exceeds the thresholdtime; and transmit an adjustment to the at least one trading algorithm.14. The apparatus of claim 1, in which the memory stores instructionswhich, when executed by the processor, direct the processor to: storethe computed length of time with a plurality of lengths of time, inwhich each of the plurality of lengths of time were computed fromprevious transactions with the trading system.
 15. The apparatus ofclaim 14, in which the memory stores instructions which, when executedby the processor, direct the processor to: compute a trend based on thecomputed length of time and the plurality of lengths of time.
 16. Theapparatus of claim 15, in which the memory stores instructions which,when executed by the processor, direct the processor to: compute anaverage of the plurality of the lengths of time over a period of time;compare the computed average against a threshold time.
 17. The apparatusof claim 16, in which the memory stores instructions which, whenexecuted by the processor, direct the processor to: determine that thecomputed average exceeds the threshold time; and transmit an indicationthat a transmission error has occurred.
 18. The apparatus of claim 16,in which the memory stores instructions which, when executed by theprocessor, direct the processor to: determine that the computed averageexceeds the threshold time; and transmit an adjustment to the at leastone trading algorithm.
 19. An article of manufacture comprising: acomputer-readable medium that is non-transitory, in which thecomputer-readable medium stores instructions which, when executed by aprocessor, direct the processor to: transmit requests based on at leastone trading algorithm, in which the requests include: (i) a bid requestor an offer request; and (ii) a request to cancel the bid request or theoffer request at a later instance in time; receive an indication thatthe request to cancel was unsuccessful and the bid request or the offerrequest has been matched; receiving a time by which the request tocancel was received and a time by which the bid request or the offerrequest was matched; computing a difference between the time by whichthe request to cancel was received and the time by which the bid requestor the offer request was matched, in which the difference comprises alength of time by which the request to cancel was unsuccessful; andadjust the at least one trading algorithm based at least in part on thecomputed length of time.
 20. The article of manufacture of claim 19, inwhich the computer-readable medium stores instructions which, whenexecuted by the processor, direct the processor to: compare the computedlength of time against a threshold.
 21. The article of manufacture ofclaim 20, in which the computer-readable medium stores instructionswhich, when executed by the processor, direct the processor to:determine that the computed length of time exceeds the threshold time;and transmit an indication that a transmission error has occurred. 22.The article of manufacture of claim 20, in which the computer-readablemedium stores instructions which, when executed by the processor, directthe processor to: determine that the computed length of time exceeds thethreshold time; and transmit an adjustment to the at least one tradingalgorithm.
 23. The article of manufacture of claim 19, in which thecomputer-readable medium stores instructions which, when executed by theprocessor, direct the processor to: store the computed length of timewith a plurality of lengths of time, in which each of the plurality oflengths of time were computed from previous transactions with thetrading system.
 24. The article of manufacture of claim 23, in which thecomputer-readable medium stores instructions which, when executed by theprocessor, direct the processor to: compute a trend based on thecomputed length of time and the plurality of lengths of time.
 25. Thearticle of manufacture of claim 24, in which the computer-readablemedium stores instructions which, when executed by the processor, directthe processor to: compute an average of the plurality of the lengths oftime over a period of time; compare the computed average against athreshold time.
 26. The article of manufacture of claim 25, in which thecomputer-readable medium stores instructions which, when executed by theprocessor, direct the processor to: determine that the computed averageexceeds the threshold time; and transmit an indication that atransmission error has occurred.
 27. The article of manufacture of claim25, in which the computer-readable medium stores instructions which,when executed by the processor, direct the processor to: determine thatthe computed average exceeds the threshold time; and transmit anadjustment to the at least one trading algorithm.